Section 199A deduction also known as theQualified Business Income deductionarises from theTax Cuts & Jobs Act of 2017. This is a significant tax break for small business owners, however, there are rules and limits. We have written additional articles that outline what is considered a qualified ...
NEW YORK (AP) —Small businessowners have plenty of changes to deal with as 2020 begins — higher labor costs for manycompaniesand someownerswill discover that they have to comply with new laws that aren’t on the books in their own states. As of Jan. 1, there are higher minimum wages...
If your business did not take out a Paycheck Protection Program (PPP) loan, then you may beeligible for the Employee Retention Tax Credit (ERTC). The tax credit is worth 50% of qualifying wages, with payment up to $10,000 per employee. It applies to wages paid from March 13, 2020, ...
A new policy was released in 2021 allowing small business owners to have a value-added tax exemption for a part of annual business revenue worth 150,000 yuan ($21,450), compared with 100,000 yuan in 2020. A 50 percent reduction in the tax was applied to annual sales revenue between 150...
Although most small business owners realize that income tax is a necessary evil, they would love to find small business tax deductions and other ways to cut down their tax bill. Fortunately, this is perfectly legal and there are tons of ways to effectively do this! Ultimately, you need to ...
Small businesses can write off a number of expenses as tax deductions to help lower the amount they owe on their income tax. The top small business tax deductions, includingtax deductions for independent contractors, include: 1. Business Meals ...
Learn how small business tax deductions, how to maximize tax deductions, plus 29 tax deductions and credits you might be overlooking this year. by Michael KeenanLast updated 9 Mar 2022 On this page On this page What is a tax deduction? How tax deductions work for small businesses How to ma...
Basic Types of Small Business Tax Returns Before we get too far along, there are some basics to get out of the way. You might already know all this stuff but there are others who don’t so please bear with us as we run through some small business tax preparation scenarios- ...
Taxes are an important part of running a small business. Here’s a tax calendar to help you file and pay taxes on time—without penalties.
obligations to pay federal, state, and sometimes local taxes. While business owners often hire an accountant or other tax professional to deal with these matters for them, having a basic understanding of the tax system can head off a lot of problems. That's especially true with payroll taxes...